The U.S. Securities and Exchange Commission (SEC) on Wednesday will propose new rules to boost hedge fund and private equity fund disclosures as it looks to increase oversight of the private funds industry and better monitor systemic risks.

The proposed changes to the SEC's "Form Private Fund (PF)" rules would require private funds to disclose details on material events within one business day, compared with the current quarterly or annual requirement, depending on the firm.

Form PF is the primary way private funds disclose purchases and sales of securities to the agency.